Peter Schiff Slams CBS Blogger Over Recent Gold Post

"My stance on gold is founded on the same logic that supported my successful forecasts of a dot-com bubble in 1999-2000, a housing market collapse in 2006, a credit crunch in 2007, the resulting bailouts and 'jobless recovery,' and also the forthcoming flight from the US dollar and Treasuries," Schiff listed. "My willingness to make accurate predictions in the face of doubt from mainstream analysts was documented by a fan in the viral YouTube video 'Peter Schiff Was Right.'"

Getting personal, Schiff noted Swedroe's observation that "there are no good forecasters, just overconfident ones."

"Perhaps he simply hasn't met a good forecaster," Schiff opined. "I have been addressing gold naysayers long before precious metals became a target in the financial media," he wrote, citing a televised skirmish with Mark Haines on CNBC in 2005 and past commentaries dating as early as 2006.

Schiff closed with an addendum, noting that "Swedroe has a history of his own."

"In 2009, in the very same MoneyWatch column, he wrote an eerily similar piece casting doubt on gold's prospects," he concluded. "Swedroe argued that gold is not positively correlated to rising inflation, but rather negatively correlated to equities. In the intervening time, U.S. equities have risen 41% while gold has risen 63.5%. Not only does this run contrary to his thesis about gold's tendencies, it also means that investors who took his column to heart in 2009 and avoided gold would have missed out on an additional 22.5 percentage points of appreciation over the past three years."